When examining the Bitcoin market, insights from on-chain data offer distinct perspectives on the actions of various market participants.

Institutional investors, often large entities, base their decisions on comprehensive analysis and long-term perspectives.

Conversely, retail investors, smaller entities, are more influenced by short-term profit opportunities and market sentiment, leading to smaller transaction volumes. Notably, there has been a surge in activity levels among these retail investors recently.

On May 18, median transaction volumes for small entities reached a significant peak, indicating increased market enthusiasm. However, there was an unforeseen development towards the end of May that...